Statement of Gene L. Dodaro, Comptroller Gen. of the U.S. The federal government is the world’s largest and most complex entity, with about $3.5 trillion in outlays in FY 2012 funding a broad array of programs and operations. The Govt. Accountability Office (GAO) maintains a program to focus attention on government operations that it identifies as high risk due to their greater vulnerabilities to fraud, waste, abuse, and mismanagement or the need for transformation to address economy, efficiency, or effectiveness challenges. Since 1990, more than one-third of the areas previously designated as high risk have been removed from the list because sufficient progress was made to address the problems identified. This biennial update describes the status of high-risk areas listed in 2011 and identifies any new high-risk area needing attention by Congress and the executive branch. Solutions to high-risk problems offer the potential to save billions of dollars, improve service to the public, and strengthen the performance and accountability of the U.S. government. Table. This is a print on demand report.
Discusses a report that provides a framework for modernizing the outdated U.S. financial regulatory system. This report was prepared to help policymakers weigh various regulatory reform proposals and consider ways in which the current regulatory system could be made more effective and efficient. This testimony: (1) describes how regulation has evolved in banking, securities, thrifts, credit unions, futures, insurance, secondary mortgage markets and other areas; (2) describes several key changes in financial markets and products in recent decades that have highlighted significant limitations and gaps in the existing regulatory system; and (3) presents an evaluation framework that can be used by Congress to shape regulatory reform efforts.
The 7th report on TARP focuses on the initial assistance the gov¿t. provided to Amer. International Group, Inc. (AIG) ¿ an org. with over 200 co. operating in over 130 countries and jurisdictions and $830 billion in assets ¿ in Sept. 2008 and the restructuring of that assistance in Nov. 2008 and March 2009. The unfolding crisis threatened the stability of the U.S. banking system and the solvency of a number of financial institutions, including AIG. This report describes: (1) the basis for the fed. assistance; (2) the nature and type of assistance and steps intended to protect the government¿s interest; and (3) selected indicators of the status of fed. assistance and AIG¿s financial condition. Charts and tables. This is a print on demand edition of an important report.
This report presents the Government Accountability Office's (GAO) Performance Plan for Fiscal Year 2012. In the spirit of the Government Performance and Results Act, this annual plan informs the Congress and the American people about what we expect to accomplish on their behalf in the coming fiscal year. It sets forth GAO's plan to make progress toward achieving their strategic goals for serving the Congress and the American people. This framework not only shows the relationship between GAO's strategic goals and strategic objectives, but also show major themes that could potentially affect their work. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
U.S. gov¿t. agencies need to strengthen basic mgmt. capabilities to successfully address current and emerging demands. The incoming admin. will face challenges in implementing its policy and program agendas because of shortcomings in agencies' mgmt. capabilities. Building and developing the institutional capacity to meet these challenges will require appointing the right people to the right positions. This report includes questions for each of 28 major exec. branch depts. and agencies, and one for each of the following 7 major governmentwide mgmt. areas: acquisition mgmt.; collaboration; financial mgmt.; human capital mgmt.; info. and technology mgmt.; results-oriented decision making, and; real property mgmt. and security. Illustrations.
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